The Straits Times Index (SGX: ^STI) has moved up 0.4% to 3,127 points and extended its Christmas cheer from yesterday?s 0.7% gain.
Out of the index?s 30 constituents, there were 23 shares that managed to end the day with gains while five others weren?t so fortunate and clocked some losses.
Let?s take a look at some other shares outside the index that had lost some ground.
GP Batteries (SGX: G08) dropped 11% to S$0.685. The battery manufacturer had announced a proposal yesterday to issue 54.94m renounceable non-underwritten rights at an issue price…
Out of the index’s 30 constituents, there were 23 shares that managed to end the day with gains while five others weren’t so fortunate and clocked some losses.
Let’s take a look at some other shares outside the index that had lost some ground.
GP Batteries (SGX: G08) dropped 11% to S$0.685. The battery manufacturer had announced a proposal yesterday to issue 54.94m renounceable non-underwritten rights at an issue price of S$0.486 for each rights share.
The company has 109.87m shares outstanding as of 23 Dec 2013 and the rights-issue is done on the basis of one rights share for every outstanding share. Assuming 54.94m rights shares are issued, the proceeds from the exercise is estimated to be around S$26m.
GP Batteries is of the opinion that the rights issue “will enable [it] to strengthen its financial position and enhance its capital base. It will also facilitate [its] investment in automation, brand building and distribution network in the near term.”
50-80% of the proceeds from the rights issue have been earmarked for repayment of bank borrowings, while 20-50% would be used for general working capital. GP Batteries’ latest financials shows it having S$171.5m worth of debt to be repaid by Sep 2014.
Real estate developer Ying Li International Real Estate (SGX: 5DM) is down 1.3% to S$0.39. Last Friday, the retail mall of the company’s “highly anticipated” Ying Li International Plaza opened its doors to more than 100,000 shoppers.
The 9-storey family and lifestyle themed mall, located in Chongqing, China, currently has a 76% occupancy rate and has “9% with letters of intent signed.”
Ko Kheng Hwa, chief executive of Ying Li commented on the mall’s opening: “We are confident that the eclectic and dynamic mix of both international and domestic brands, merchandises, services, eateries and leisure options set in an enticing mall concept design will appeal to the increasingly discerning consumers in Chongqing…
…Supported by our strong retail management team and a sound mall management strategy, we believe Ying Li International Plaza retail mall is set to become a retail benchmark in Chongqing and a must-go-to destination in Yuzhong District.”
Pacific Radiance (SGX: T8V) fell 0.6% to S$0.845. The Singapore-based provider of integrated offshore marine services had announced last Thursday that it had added two high-specification platform supply vessels (PSVs) to its newbuild programme.
The company had previously placed an order for two PSVs utilising the Ulstein PX121 design back in September this year, but has now added two more orders of the same design. The new additions are slated for delivery in the fourth quarter of 2015.
The addition to its fleet of vessels is part of Pacific Radiance’s plans to “expand presence in targeted high-growth markets” following its IPO in November this year. The company’s shares have since dipped by 6% from its listing price of S$0.90.
Click here now for your FREE subscription to Take Stock Singapore, The Motley Fool's free investing newsletter. Written by David Kuo, Take Stock Singapore tells you exactly what's happening in today's markets, and shows how you can GROW your wealth in the years ahead.
The Motley Fool's purpose is to help the world invest, better. Like us on Facebook to keep up-to-date with our latest news and articles.
The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore writer Chong Ser Jing doesn’t own shares in any companies mentioned.